Step One: What is the assessor's estimate of the market value of your property?
To determine if your assessment is fair, you will first need to check the tentative assessment rollwhich is available June 1st. You can also use our property portal to find assessment information. The assessed value of your property and the assessor's estimate of your property's market value are listed on the tentative roll. Market value is generally defined as the price a willing buyer would pay a willing seller for a property in its present condition with neither buyer nor seller under pressure to act (such as career relocation, death of a family member, divorce, etc.). In most cases, the market value listed on the roll should equal roughly the price for which you could sell your property.

Step Two: Develop your own estimate of the market value of your property
The most common way to determine the market value of a residential property is to use the sales comparison approach. This is the primary method used by professional appraisers to determine the market value of residential properties.

To determine an estimate of a property's market value, arm's length "comparable sales" are used. ("Arm's length" refers to a market value sale between unrelated parties.) By examining recent sales of at least three properties in a similar neighborhood that are comparable in building style, size and construction, one can begin to get a good understanding of a residential property's market value. However, it is important to consider the circumstances of such sales - perhaps the seller was desperate to "unload" the home, or the buyer paid much more than the asking price because there were other interested parties. Market value and sales price are not always the same.

Comparable sales should include characteristics similar to a given property, such as lot sizes, square footage, home style, age, and location of the home. A new three-bedroom Cape Cod house may not be comparable with an older three bedroom split-level ranch, even if they are on the same street.

Step Three: If your assessment is too high
File your grievance application (RP-524) between June 1st and the 3rd Tuesday of June with the required documentation attached as well as whatever evidence you feel is necessary to prove the value of your property.

Additional Information

For more detailed information on the review process or how to complete the grievance application (RP-524) step by step, please visit the website of the NYS Department of Taxation and Finance.